Press: Ponzi Publisher

Such unseemly things as rubber checks, accusations of
"goldbricking" and confessions in the attorney general's
office seemed as far away as the man in the moon when last month a
dignified, well-printed and well-written new business weekly called
The Financial Observer appeared in Manhattan's downtown section
(TIME, Feb. 15). At $10 a year, The Financial Observer booked 1,000
subscribers, among them J. P. Morgan. Newsstand sales went to 9,000
a week. Backer of the Observer was one John Bruce Heath. His
respectable and even eminent staff* understood John Bruce Heath was a...